ASB Capital Appointed as Joint Lead Manager and Bookrunner

On Ajman Bank’s Inaugural USD 300 Million AT1 Sukuk

ASB Capital announced its appointment as Joint Lead Manager and Bookrunner on Ajman Bank’s (BBB+) inaugural USD 300 million Additional Tier 1 (AT1) perpetual non-call 5.5-year Sukuk, facilitating the bank’s first issuance in the international AT1 market.

ASB Capital participated in the transaction alongside a syndicate of leading regional and international financial institutions, including Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, J.P. Morgan, Mashreq, Morgan Stanley, Standard Chartered Bank, and Warba Bank on the transaction.

The mandate marks ASB Capital’s fourth consecutive Joint Lead Manager and Bookrunner appointment on a GCC AT1 Sukuk issuance in recent weeks, following its roles on issuances for Alinma Bank, Dubai Islamic Bank, and AlJazira Bank across Saudi Arabia and the UAE, expanding involvement in GCC capital markets across regional financial institutions.

Commenting on the transaction, Hussain Abdulhaq, Chief Treasury Officer of Al Salam Bank, said: “We see the role of the group extending beyond individual transactions. Our focus is on helping shape deeper, more resilient capital markets across the GCC by supporting issuers accessing international investors and broadening the region’s investor base. Each mandate strengthens the connective linkages between regional issuers and global pools of capital and reinforces ASB Capital's position as a strategic partner able to combine issuer relationships, structuring expertise, and distribution reach. This is a long-term commitment, one that is aligned with the Group’s wider ambition to build a differentiated regional investment banking platform”

Hichem Djouhri, Senior Executive Officer of ASB Capital, added: “An inaugural international AT1 issuance is a significant step for any issuer and a positive signal for the wider regional capital markets. It calls for clear positioning, disciplined execution, and close engagement with investors, while keeping pricing competitive throughout the process. The strong demand for Ajman Bank’s Sukuk reflects investor confidence in well-positioned GCC financial institutions accessing the international capital markets with such capital tier for the first time.”

ASB Capital has participated in several debt capital markets transactions across the GCC, including issuances by Kuwait Finance House, Kuwait International Bank, Bapco Energies, Solidarity Bahrain, Al Salam Bank, Alinma Bank, Dubai Islamic Bank and AlJazira Bank. Beyond debt capital markets, the firm has continued to broaden its investment banking platform through strategic advisory mandates, including advising Al Salam Bank on the sale of its stakes in Seef Properties (Bahrain) and Gulf African Bank (Kenya).